Mobile Payments: Top 6 Reasons to Go Mobile
On the peer-to-peer side of things, utilizing mobile money transfer apps allows you to forgo the hassle of cash and checks, and get paid quicker. And for in-store purchases, mobile payments are the best solution for a number of reasons.
With devices and capabilities growing over the past few years, mobile has become the new game-changer. Here’s why you should embrace the change to the benefit of your operations, and your revenue.
1. They’re Fast
Mobile payments are by far the fastest way to pay — usually taking about a second. In the U.S. the transition to EMV as the credit card standard continues and we are seeing mobile payments adoption increase because it is a far better experience and more cost effective. And for businesses that have checkout queues (QSRs, retailers), mobile payments are much more attractive as they can move the line faster (which means more sales in a shorter amount of time). We’ve all heard of Nordstrom and if you’ve been there lately, you’ve probably noticed sales associates walking around with mobile devices. Nordstrom has seen significant success with the decrease in line sizes alone, not to mention the better customer experience they’ve managed to create with the additional information that is available to employees with the mobile devices.
2. They’re Convenient
Mobile payments let you and your employees accept payments anywhere, anytime — it’s that simple. Accept credit card (and cash) payments and keep track of inventory and sales anywhere your business takes you. As merchants you want to make paying for your products and services as easy as possible, and one of the ways to do this is with mobile payments. Mobile payments allow you and your employees to accept payments away from a normal cash register, such as on the retail floor or from a food truck on the side of the road. Another plus, allowing customers to pay for products and services with their smartphones instead of with cash or credit cards, makes it easier for them, all the while, you can increase your revenue, improve customer satisfaction and learn more about your customers’ spending habits.
3. They’re Secure
Mobile payments have multiple layers of dynamic encryption, making them an extremely secure way to pay. They’re far more secure than magstripe payments and just as secure as EMV chip card payments. Even better, if you choose the right mobile payments partner, they should be able to support mobile payments with EMV, like TransNational Payments does. Find out more about What Consumers Want From Mobile Payments: A Primer for Merchants
4. Your Employees Want It
The fact that mobile payments are fast, convenient and secure, not only appeals to consumers, it also appeals to your employees and we all know how important it is to keep your employees happy. Being able to accept payments anywhere gives employees the flexibility they need to keep customers happy, in turn, helping them succeed. Long lines are a turnoff for many shoppers, for example, and may even cause customers to leave without their merchandise. To prevent this, merchants can give staff mobile credit card processing devices so they can break up lines. Rather than having only one checkout station, staff can operate throughout the store so customers can purchase items as soon as they're ready to go. This also provides a one-to-one transaction that provides greater opportunity for customer engagement and even upsells. When staff members are given tablets and other mobile payment devices, they can also pull up information for customers and educate them on additional products that might interest them.
5. Don’t Get Left Behind By Your Competitors
Customers expect mobile payment options, which most likely means that your competitors have already fulfilled their wishes. Even if not explicitly true, this assumption should be the method of businesses wishing to stay ahead of the market. Moving to mobile alone has its own benefits, but doing so before your competitors helps cement the perception that your company cares about your customer needs, and has its finger on the pulse of web and technological development.
6. Mobile Payment Apps Are the Future
Consumers’ thoughts on mobile payments have revolutionized the way businesses are thinking about payment processing. On one front, we’re moving toward more secure, authenticated ways to process payments. And on another, we’re moving toward faster, more convenient ways to pay. Brands like Starbucks and CVS have created apps that allow you to save payment information and favorite products, so you can refill a prescription or order your favorite coffee drink with the tap of a button. Not to mention, on the merchant end, mobile app devices are considerably less expensive than the usual payment terminal.